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Author: Niall Lenihan Publisher: ISBN: Category : Currency convertibility Languages : en Pages : 300
Book Description
Recoge: Este documento es un resumen de un estudio que será publicado bajo el mismo título en un número posterior de Economic Papers, de la Dirección General de la Comisión para Asuntos Económicos y Financieros. Las implicaciones legales del a Unión Económica y Monetaria bajo las leyes del Estado de Nueva York y otras jurisdicciónes de los Estados Unidos es una de las más importantes cuestiones legales a las que se enfrentan los mercados financieros internacionales. Este documento de trabajo investiga los temas traídos a colación por el Libro Verde de la Comisión sobre los aspectos parácticos para la introducción de la moneda única. Y llega a las siguientes conclusiones en lo que respecta a las implicaciones legales de la UEM para las transacciones regidas por las leyes de jurisdicciones estadounidenses: -Todas las deudas a largo plazo denominadas en monedas de la Unión Europea deben ser pagadas en euros a los tipos de conversión oficiales. -Todas los intercambios internacionales en los que una divisa de la Unión Europea sea usada por una de las dos partes deben ser pagadas en euros a los tipos de conversión aplicables. -Todas las transacciones exteriores que impliquen el cambio de dos divisas participantes en la unión monetaria deberán ser pagadas en euros a los tipos de conversion aplicables. -Todas las obligaciones a tipo de interes fijo deberán ser pagadas al tipo especificado en el contrato. -Todas las obligaciones a tipo de interés variable vinculadas a una divisa particular de la zona euro deberán ser pagadas de acuerdo con los tipos de interés establecidos por lo tipos de referencia que sustituyan a las anteriormente existnetes. -Las cláusulas de fuerza mayor o de imposibilidad establecidas en las transacciones de deudas que establecen el pago de las deudas en una divisa comunitaria en dólare o en otra divisa en el caso de que la divisa del contrato no esté disponible debido a circunstancias que no dependan de las partes, o porque la divisa no sea ya usada por el gobierno del país, no serán puestas en vigor por la UEM. -Topdas las obligaciones denominadas en ECUs deberán ser pagadas en euros, al tipo de cambio de 1 ecu por 1 euro, a no ser que los teminos del contrato y las circunstancias establezcan una intención clara en contrario.
Author: Niall Lenihan Publisher: ISBN: Category : Currency convertibility Languages : en Pages : 300
Book Description
Recoge: Este documento es un resumen de un estudio que será publicado bajo el mismo título en un número posterior de Economic Papers, de la Dirección General de la Comisión para Asuntos Económicos y Financieros. Las implicaciones legales del a Unión Económica y Monetaria bajo las leyes del Estado de Nueva York y otras jurisdicciónes de los Estados Unidos es una de las más importantes cuestiones legales a las que se enfrentan los mercados financieros internacionales. Este documento de trabajo investiga los temas traídos a colación por el Libro Verde de la Comisión sobre los aspectos parácticos para la introducción de la moneda única. Y llega a las siguientes conclusiones en lo que respecta a las implicaciones legales de la UEM para las transacciones regidas por las leyes de jurisdicciones estadounidenses: -Todas las deudas a largo plazo denominadas en monedas de la Unión Europea deben ser pagadas en euros a los tipos de conversión oficiales. -Todas los intercambios internacionales en los que una divisa de la Unión Europea sea usada por una de las dos partes deben ser pagadas en euros a los tipos de conversión aplicables. -Todas las transacciones exteriores que impliquen el cambio de dos divisas participantes en la unión monetaria deberán ser pagadas en euros a los tipos de conversion aplicables. -Todas las obligaciones a tipo de interes fijo deberán ser pagadas al tipo especificado en el contrato. -Todas las obligaciones a tipo de interés variable vinculadas a una divisa particular de la zona euro deberán ser pagadas de acuerdo con los tipos de interés establecidos por lo tipos de referencia que sustituyan a las anteriormente existnetes. -Las cláusulas de fuerza mayor o de imposibilidad establecidas en las transacciones de deudas que establecen el pago de las deudas en una divisa comunitaria en dólare o en otra divisa en el caso de que la divisa del contrato no esté disponible debido a circunstancias que no dependan de las partes, o porque la divisa no sea ya usada por el gobierno del país, no serán puestas en vigor por la UEM. -Topdas las obligaciones denominadas en ECUs deberán ser pagadas en euros, al tipo de cambio de 1 ecu por 1 euro, a no ser que los teminos del contrato y las circunstancias establezcan una intención clara en contrario.
Author: Fabian Amtenbrink Publisher: Oxford University Press ISBN: 019251248X Category : Law Languages : en Pages : 1808
Book Description
Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.
Author: Anu Bradford Publisher: Oxford University Press ISBN: 0190088605 Category : Law Languages : en Pages : 368
Book Description
For many observers, the European Union is mired in a deep crisis. Between sluggish growth; political turmoil following a decade of austerity politics; Brexit; and the rise of Asian influence, the EU is seen as a declining power on the world stage. Columbia Law professor Anu Bradford argues the opposite in her important new book The Brussels Effect: the EU remains an influential superpower that shapes the world in its image. By promulgating regulations that shape the international business environment, elevating standards worldwide, and leading to a notable Europeanization of many important aspects of global commerce, the EU has managed to shape policy in areas such as data privacy, consumer health and safety, environmental protection, antitrust, and online hate speech. And in contrast to how superpowers wield their global influence, the Brussels Effect - a phrase first coined by Bradford in 2012- absolves the EU from playing a direct role in imposing standards, as market forces alone are often sufficient as multinational companies voluntarily extend the EU rule to govern their global operations. The Brussels Effect shows how the EU has acquired such power, why multinational companies use EU standards as global standards, and why the EU's role as the world's regulator is likely to outlive its gradual economic decline, extending the EU's influence long into the future.
Author: Thomas C. Fischer Publisher: Bloomsbury Publishing USA ISBN: 0313004153 Category : Business & Economics Languages : en Pages : 360
Book Description
Professor Fischer presents a comprehensive overview of global trade at the start of a new century, from a national, regional, and international viewpoint. He looks closely at the four dominant and competing economic systems—the United States, the European Union, Japan, and China—and argues that the traditional we-win/you-lose national trade paradigm has been replaced by one that is more collaborative, one that is leaning toward de facto world governance. He compares foreigners' attitudes toward trade and markets with our own, using four economic models that typify world trade today. He examines the interface between national, regional, and international trading systems and between business and government, then at the prospect of global trade management in different trade sectors under the GATT/WTO and other organizations. The result is a provocative discussion of global trade today. Professor Fischer makes it clear that the United States needs allies. Though its influence in the world trade arena will continue, America's hegemony has ended. The European Union is America's most obvious ally, but it has many problems and ambitions of its own. The North American Free Trade Agreement has solidified the North American market but it may isolate and lose South America, while Japan, China, Russia, and others are left to develop alliances of their own. All these factors raise important global questions, among them: Can American capitalism prevail? Should the United States proceed unilaterally, as it has so often? Or are regional and multinational arrangements preferable? If there is further globalization, as seems inevitable, and if American influence is on the wane, what group or organization will lead? To explore these questions and provide the beginnings of answers, Professor Fischer uses his four competing economic systems and handicaps the process country by country, sector by sector, with particular attention to transatlantic relations.
Author: Liber Amicorum Publisher: ISBN: 9789291817016 Category : Banking law Languages : en Pages : 414
Book Description
"The book contains a collection of articles on the European Union and the European System of Central Banks (ESCB), the Eurosystem, monetary law, central bank independence and central bank statutes as well as on financial law. The authors are current or former members of the Legal Committee of the ESCB (LEGCO). This book commemorates ten years of work by the Working Group of Legal Experts of the European Monetary Institute and by the LEGCO. It is dedicated to Mr Paolo Zamboni Garavelli, former Head of the Legal Department at the Banca d'Italia and member of LEGCO, who died in 2004."--Editor.
Author: Eduardo Levy Yeyati Publisher: MIT Press ISBN: 9780262122504 Category : Business & Economics Languages : en Pages : 364
Book Description
Theoretical and empirical analysis of de jure dollarization. With the persistent instability of international financial markets, emerging economies are exploring new ways to reduce exposure to capital flow volatility. Some analysts argue that financially open economies are best served by more flexible regimes, while others argue in favor of extreme exchange rate regimes that have a strong commitment to a fixed parity or dispense with an independent currency. The successful launch of the euro has made more realistic the prospect of replacing a national currency with a strong foreign one. Recent examples include the adoption of the US dollar by Ecuador and El Salvador. The introduction of a foreign currency as sole legal tender, termed full (de jure) dollarization, has been the center of much political and academic debate. This book provides a comprehensive analysis of the issues from both theoretical and empirical perspectives. The topics discussed include the role of balance sheet effects, the linkage between currency risk and country risk, the impact of dollarization on trade, financial integration and credibility, the implications of dollarization for the lender of last resort, and the institutional and political economy aspects of dollarization.
Author: Wouter Bossu Publisher: INTERNATIONAL MONETARY FUND ISBN: 9781513561622 Category : Business & Economics Languages : en Pages : 51
Book Description
This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.
Author: Peter Bekx Publisher: ISBN: Category : European Union countries Languages : en Pages : 50
Book Description
La introduccion del euro sera un acontecimiento importante en el sistema monetario internacional. El objeto de este trabajo es examinar sus implicaciones en paises terceros mediante el analisis de los distintos canales de transmision a traves de los cuales la UEM afectara a los paises terceros. Comienza con los mecanismos de transmision del comercio internacional: el impacto de un mayor crecimiento en el area del euro, los efectos desbordamiento de la mayor sincronizacion de los ciclos en la UE, y el uso del euro en la facturacion. Continua con los cambios que afectaran a los mercados financieros: los relacionados con el euro como vehiculo de monetario en los mercados de divisas, su uso en las carteras privadas y su papel en los prestamos internacionales. La ultima parte trata el uso oficial del euro. Sus implicaciones para la politica de cambios de los paises no comunitarios y para la gestion de sus reservas. (pgp).
Author: M. Duckenfield Publisher: Springer ISBN: 0230627242 Category : Business & Economics Languages : en Pages : 272
Book Description
This book explores how British and German business associations formed their political attitudes towards Economic and Monetary Union between 1988 and 1998. With provocative argument and unique insight, it demonstrates how business associations are political entities in their own right, acting strategically to promote members' specific interests.
Author: Christos V. Gortsos Publisher: Springer Nature ISBN: 3030345645 Category : Business & Economics Languages : en Pages : 487
Book Description
This book provides a comprehensive overview of European Union (EU) central banking law, a field of EU economic law which emerged in the late 1990s and has developed rapidly ever since. European central banking law pertains to the rules governing the functions, operation, tasks and powers of the European Central Bank (ECB) and the national central banks (NCBs) of EU Member States. Systematically presenting and analysing the role of the ECB as a monetary and banking supervisory authority, the book discusses its changing and developing responsibilities following the financial crisis of 2007-2009 and the ongoing fiscal crisis in the euro area. The book also highlights the ECB’s significant role in relation to the resolution of credit institutions, as well as, conversely, its relatively limited role in respect of last-resort lending to EU credit institutions exposed to liquidity risk. The related tasks and powers of the ECB are presented in light of its interaction with NCBs within the Eurosystem, the European System of Financial Supervision, the Single Supervisory System and the Single Resolution Mechanism. Providing a detailed analysis of the legal framework governing (mainly) the ECB’s monetary policy and other basic tasks within the Eurosystem and its specific tasks in relation to banking supervision and macro-prudential financial oversight, this comprehensive book will be of interest to researchers, practitioners and students in the fields of EU monetary and banking law.
Author: Niall Lenihan
Author: Niall Lenihan
Author: Fabian Amtenbrink
Author: Anu Bradford
Author: Thomas C. Fischer
Author: Liber Amicorum
Author: Eduardo Levy Yeyati
Author: Wouter Bossu
Author: Peter Bekx
Author: M. Duckenfield
Author: Christos V. Gortsos